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And CENKOS the house broker has 700k at 45p

I think the remaining warrants of any significance are Eric Sprott's - who i think has quite alot - maybe 8/9 million. Of course one can never second guess another investors future plans with any certainty, but he is not known as a trader, he is known as a more long-term investor.

So a summary:

The BAM gold deposit sits on a 31 km strike, where soil has been sampled, there is anomalous gold over a 7 km strike. Not impossible it could extend the whole 31 km.

We currently have 1 million oz gold at the BAM deposit - it is suitable for open pit and cheap to mine.

The current drilling campaign is focusing on infill, extension and exploration drilling.

Infill drilling: In previous campaigns the average resource oz to m drilled is 22oz per m, if this continues we should be looking at an upgraded resource to around 1.5 million oz in the summer?

Extension at depth - beneath the current defined resource: This is very exciting, the drill result today - which was just a very small section of the core - confirmed the presence of ultra high grade veins i.e. continuous - not an isolated nugget. They are waiting on 7 other drill assays targeting this region, and the remainder of the core reported today. If these hit further high grade zones, which the LND team seem very confident on, we are talking of a serious re-rate and I am sure it will be of interest to potential suitors. The density of these drill results will likely not be enough to contribute to the resource.

Exploration: Then we have the exploration drilling focusing on targets outside the defined resource. We have yet to receive all the assays from this yet, but we similar BAM style mineralization has been noted in a 1km step out

News inflow: There are approximately 50 drill assays pending, news should come regularly from now to mid-summer

It is going to get very exciting!

Happyhaddock, you have to remember that Landore already have a 1 million oz gold resource, which is cheap to mine and already economically feasible. The current drilling campaign is expanding this resource. Essentially there already is a gold mine.

This new information of potentially high grade deposits at depth is just exceptionally good news, at these prices it is near completely de-risked.

JT4264 - The thing is this is not one huge nugget .... these are veins (perhaps multiple) of exceptionally high gold possibly of 200 m length.

This is going to be a multi million oz gold deposit. These tend to sell for a lot more than £40 million - the current market cap

Yes, the original blob was a good spot from Bottle Rocket, but could not be 100% certain that it was something. But I think the clear movement of the disturbance yesterday makes it clear that there is some action. What that action is, i am not sure, could be drilling prep or some form of further geotechnical study.

I also had a look at the SAR image, and while it does not stick out to the same extent of the action at Havieron as much, there is a mark at the same location.

https://apps.sentinel-hub.com/eo-browser/?zoom=16&lat=-21.4618&lng=122.59695&themeId=DEFAULT-THEME&datasetId=S1_AWS_IW_VVVH&fromTime=2021-04-14T00%3A00%3A00.000Z&toTime=2021-04-14T23%3A59%3A59.999Z&layerId=IW-DV-VH-DECIBEL-GAMMA0&visualizationUrl=https%3A%2F%2Fservices.sentinel-hub.com%2Fogc%2Fwms%2Ff2068f4f-3c75-42cf-84a1-42948340a846

Some action over the past few days. Difficult to tell what it is, but would not be surprised to see a 'drilling commenced' RNS sometime soon.

https://vimeo.com/537915671

Looks to have finally broken-out from its placing range, would have thought it would now retest the pre-placing highs at 42p

Nice write up that!

Scally results will be the same as the last batch, its pretty obvious, they should not be price sensitive. Anyone who is expecting anything other than similar results to the last batch needs to have a long think IMO. I reckon they will be released with the follow up drill plan.

Landore covered in this week, not the biggest fan if I am being honest, prefer to focus on the fundamentals, but nice to see the charts also looking good. 45p short term target.

https://www.share-talk.com/share-talk-bulletin-board-heroes-thursday-8th-april-2021/#gs.y9p6yg

Freddie you need to understand how Berenberg's valuation is calculated.

It is based on a peer reserve comparison. It is very simple if our peers fall in value, which they have, then the value per oz decreases and so does the target price. This is the most likely reason for the change in TP. The note is positive because adds further weight to many of thoughts that we are currently significantly undervalued for what we know we have. Essentially, the drop from 33p to 26p is a function of gold price.

At some point in the near future one would imagine that the very conservative 50% risk rating will start to reduce, resulting the TP increasing. Added to that what if we make a further discovery inside or outside the Havieron JV area?

I would presume the change in target price from 33p to 26p is because it is based on the reserve value of Australian peers, they will have decreased in value over the past few months which would result in a lower per oz value, nothing to do with Scallywag I would guess because it was never factored in the first place.

But what it does show is that we are very much undervalued, essentially our unjust decline has been far worse than other peers for no reason, it is good that Berenberg are pointing this out and now recommending buy.

After the recent drill results, mainly just reiterate previous valuation, but a few interesting lines:

'We expect that the additional drilling should move BAM towards a multi-million ounce gold resource'

Then for the valuation. There are two methods of valuation, discount cash flow (5%) and average resource ounce compared to peers.

Both of these valuations are before the resource gets upgraded this summer, which we are probably looking at an increase from 1 MIl oz to around 1.5 Mill oz (so 50% increase).

Discount cash flow/Net Present Value: This is based on $1650 Gold, the NPV is US$272m (186p per share). They then apply a very conservative NAV multiple of 0.25, so essentially a 75% risk rating, to get a target price of 68p, meaning the share is 2.2 t undervalued by a factor of 2.2. The risk rating will reduce to 60% once the feasibility work starts in the summer.

Reserve ounce: Currently undervalued by a factor of 1.95 - see below.

'On a Resource basis, looking at a global list of roughly 100 AIM/ASX and TSX gold companies on a pre-Reserve basis the average market capitalisation to Resource ounce is approximately US$85/total Resource ounce or US$215/Measured and Indicated ounce, a slight decline on last month following a fall in the gold price. Landore is currently trading at US$44/total Resource ounce or US$59/Measured and Indicated ounce, so significantly less than its peers and with a fully funded exploration and drill programme underway'

The broker explicitly states: 'the potential for a rerating is high'

Broker note can be accessed on the Cenkos website for free, you just need to sign up.

Tell me about it.... further excellent results .

People just don't seem to get it, there is not going to be a specular 100m at 55 g/t intersect. This is consistent grades over a large distance that is very cheap to mine in one of the best jurisdictions in the world. Current resource is 1 million OZ with a NPV of $283 million just for the gold deposit. How much is the current drilling program going to increase the resource to 1.5 million oz? What would that increase the NPV to $425 million? Maybe more because the Capex is already factored in. Then there is the Nickel sulphide deposit is well? Yet the market cap is still only £31 million!!!

Marlborough and Hargreaves sold out last summer. Morning star is very much out of date. Bloomberg is the better way to see and even that is a few months behind.

Drill assays....according to the latest interview CEO Bill Humphries 'results are coming in now and we are collating the results, we expect they will be out extremely soon' - this was on the 8th March .....They will arrive...

Interview link:

https://www.proactiveinvestors.co.uk/companies/news/943217/landore-resources-updates-investors-on-the-bam-gold-deposit-in-canada-943217.html

A reminder there is also quite an active telegram group with some very knowledgeable investors and some good discussion.

Telegram link: https://t.me/landore

It is impossible to determine if there were more buys than sells with such complex data, the LSE algorithm to determine whether a given trade is a buy or sell has zero use - its completely rubbish especially for such a liquid stock which usually has a tight real spread.

For example if the spread was 21/22, but the buy price was 21.4 and the sell price 21.1, all trades would be recorded as a sell..... This happens all the time... its not MM games .... its people reading to much into a rubbish algorithm...

Excellent UT, if your a fan of GDXJ buying more. This UT means they will need another 5/6 million compared to a UT at 21p.

MrEMC2 - A market cap of less than 100 million USD - not happening - ever!

BTW they just updated the vaneck holdings for yesterday (17th - i was looking at data from the 16h). Our weighting dropped to 1.15%.

This means a buy of 59 million shares.